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Preparing for Tax Season All Year Long

byTammy Gravis

 

Most virtual assistants work from the comfort and security of  their own homes. Sometimes, this makes it easy to forget that you are actually doing a job and, just like everyone else who works, you are responsible for filing taxes at the end of the year. Make sure that you don't wait until tax season to start getting organized. If you do that, you're going to be in a huge rush and run the risk of possibly making some big mistakes on your tax forms. Instead, you should take small, simple steps that help you to prepare for tax season all year long. That way, when the time comes, you can just file your taxes and wait patiently for a possible refund.

One of the most important things for a virtual assistant to do is to keep track of what he or she earns, as not all employers are good about doing this accurately. Find a place to write down every cent of salary that you receive, including any extras or bonuses from your employer. While it can be tempting to hide some of your income, don't do it! This could get you in serious trouble if you are found out. Remember, you owe just as much integrity to your job as a virtual assistant as you would to a "real world" job.

You'll also want to make sure that you get copies of the 1099 form your employer uses to keep track of what he or she has paid you. This will help you to verify your own records, to notice and discuss any discrepancies with your employer, and to file your taxes correctly. That way, there won't be any nasty surprises after you file.

Remember that, in most cases, you can deduct office expenses, which are things that you buy to help you do your job. If, for example, you had to purchase a new computer in order to work, you could deduct the cost of that computer. Little extras, like paper, pens, notepads, highlighters, staplers, paper clips, and more can also be counted as deductions. It might not seem like these little things could make much of a difference, but over time, they can really add up, so don't skip out on listing them.

There are other possible tax deductions that you may or may not qualify for, depending on how and where you run your business. If your business does occur in your home and you have a home office, you may qualify for a home office deduction, which is usually quite sizeable. Before you claim a deduction, however, make sure you read up on it and understand the eligibility requirements for that deduction. If you're ever in doubt, seek help from a professional accountant or tax preparer. In terms of your taxes, it's always better to be safe than sorry. Little, unintentional mistakes can cost you big and mar your name, so take every step possible not to make them. 

About the author:

Tammy Gravis is a writer as well as a virtual assistant. She enjoys working online with businesses to help with any online task that may be required as well as social media tasks. She can be found at http://www.fayettevillesocialmediavirtualassistant.com

 

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